But for those who might be wondering what the closing will do for the local hotel market, don't fear. Millennium Partners, which owns the Ritz Carlton, is in the process now of completing its Ritz Carlton Hotel & Towers, Boston Common, across the park from its current asset. According to Boubee, ownership won't shut down the 73-year-old lodging facility until the new one is ready to go.
"Actually, the new hotel has fewer rooms than the old," says Bruce Ford, director of sales and marketing for National Hotel Realty in Portsmouth, NH. "But there shouldn't be any negative impact. It'll be in the down season, so the crowd will be accommodated." The hotel's rooms run from $350 to $450 nightly.
While executives from ownership were unreachable by press time, Boubee explains that the renovation will entail a major renovation of all 275 guestrooms as well as the façade.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
